x402 ecosystem tokens gained traction in late October as the protocol for autonomous agent payments attracted developer attention. The protocol enables AI agents to pay for API access per-call using stablecoins, bypassing traditional subscription models. 35 projects tracked 🧵

x402 leverages HTTP 402 status code to facilitate micropayments for API access. Developed by Coinbase with backing from Cloudflare and Google, the protocol supports machine-to-machine transactions without intermediaries. Supported across Base, Solana, Polygon, and 10+ chains.

Emerging applications: InfoFi: AI queries liquidation risk, pays per-response via x402. DeFAI: Bots executes trades by voice on X—bridges, swaps, positions autonomously. Entertainment: Pay-per-memory for AI agents recalling preferences vs monthly subscriptions.

Market concentration evident. Top 3 projects represent 71% of ecosystem market cap. Infrastructure protocols dominate—payment rails and agent marketplaces lead adoption. Infrastructure tokens show highest FDV multiples.

Notable characteristics: – High concentration in top performers, – Limited liquidity below top 10 – Significant FDV/market cap divergence in infrastructure tokens. Track all x402 projects on the Cryptorank 👇